Bijoy Hans Receives SEBI Warning for Delayed Fee Payment in Open Offer Process

Bijoy Hans Limited (BSE: 524723) has received an administrative warning from the Securities and Exchange Board of India (SEBI) for a delay in paying fees under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations. The warning was issued due to the company's failure to make timely payment as required by the regulations.

Details of the Non-Compliance

According to the LODR disclosure made by Bijoy Hans Limited, the company received a communication from SEBI on July 15, 2025, regarding an administrative warning for violating provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The non-compliance relates to an Open Offer made by the company.

Specifics of the Delay

The Draft Letter of Offer for Bijoy Hans Limited was filed with SEBI on January 3, 2025. However, the requisite fees under SAST Regulations were paid on January 31, 2025, resulting in a delay of 28 days. This delay is a violation of Regulation 16(1) of the SAST Regulations, which stipulates that the acquirer, through the manager to the open offer, shall file with the Board a draft of the letter of offer containing specified information along with the non-refundable fee.

SEBI's Response

SEBI has viewed this non-compliance seriously. The regulatory body has issued a warning to Bijoy Hans Limited and advised the company to be more careful in the future to avoid recurrences of such lapses. SEBI has also cautioned that any repetition of such violations in the future will be viewed seriously, and appropriate enforcement action would be initiated in accordance with the provisions of the SEBI Act, 1992, and related Rules and Regulations.

Company's Acknowledgment and Commitment

In response to the SEBI warning, Bijoy Hans Limited has acknowledged the matter and stated that necessary steps have been taken to ensure that such delays do not recur in the future. The company has reaffirmed its commitment to maintaining the highest standards of regulatory compliance and corporate governance.

Implications for Investors

While this warning does not impose any immediate penalties on Bijoy Hans Limited, it serves as a reminder of the importance of regulatory compliance in the securities market. Investors should take note of such incidents as they reflect on a company's adherence to regulatory requirements and its overall governance practices.

The company's prompt disclosure of this warning and its commitment to improving compliance measures may provide some reassurance to stakeholders. However, investors should continue to monitor the company's regulatory compliance track record as part of their investment decision-making process.